Industry
The recent rejection by The New York Department of Insurance (DOI) of terrorism exclusion wordings compiled on behalf of insurers by the Insurance Services Office (ISO) could lead to a significant withdrawal of commercial cover at a time when the city’s economy is in a fragile state of recovery, says Joe Termini, counsel for the […]
By Canadian Underwriter | January 10, 2002
2 min read
John Phelan, president of Munich Reinsurance Company of Canada (MROC), will take over as head of the global company’s U.S. unit, American Re.The move is a result of the decision of current American Re president and CEO Edward J. Noonan to step down, a decision some media sources are linking to the company’s huge exposure […]
1 min read
Risk
As 2002 gets underway, insurers will be faced with increasingly tougher decisions on risk, says consulting firm Deloitte & Touche. In its “Top Ten Global Insurance Trends”, the firm predicts insurers facing increasingly unpredictable and global catastrophes, will have to look carefully at policy exclusions, sector coverage, pricing risk and the adoption of new underwriting […]
By Canadian Underwriter | January 9, 2002
Terrorist attacks south of the border are sending reverberations through the Canadian p&c industry, says analyst Ted Belton, author of the Belton Report. In his third quarter analysis, Belton notes that prior to the attacks market hardening was predicted to be a “soft landing”. “It was expected that across-the-board premium increases would be relatively modest […]
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New York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and approved by the National Association of Insurance Commissioners (NAIC) after U.S. Congress failed to pass […]
By Canadian Underwriter | January 8, 2002
North American insurers have not yet realized the promise of technology investments, but appear hopeful those benefits will be seen in the future, suggests a study by Tillinghast-Towers Perrin (TTP). The survey, which tracks 248 financial services providers, largely insurers, also shows that despite the events of September 11, insurers do not plan to back […]
By Canadian Underwriter | January 7, 2002
Claims
The court case between World Trade Center leaseholder Larry Silverstein and insurers is broadening in scope, with Silverstein asking courts to extend his suit to all of the building’s insurers, except ACE and XL. Silverstein has already filed suit against Swiss Re, claiming that the toppling of the World Trade Center towers by terrorists on […]
By Canadian Underwriter | January 4, 2002
3 min read
Studies by Statistics Canada and the FBI show Canada is actually outpacing the U.S. in terms of auto theft. Based on 2000 figures, Canada averages 521 vehicle thefts per 100,000 people, 26% higher than the U.S. rate of 414. This trend has been consistent for the past five years.Regina ranked as the top city, with […]
A decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw does not violate insurers’ rights under the Canadian Charter of Rights and Freedoms.The city operates […]
By Canadian Underwriter | January 2, 2002
Broker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be sold to Fairfax Inc. as of January 1, 2002, the company announces. The value of […]
By Canadian Underwriter | January 1, 2002
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